An investor started the year with a $25000 portfolio. he made a $ 5000

Question 18 (1 point) An investor started the year with a $25,000 portfolio. He made a $5.000 contribution at the end of the first quarter, a $7,000 withdrawal at the end of the third quarter, and ended the year with a portfolio value of $26,500. The quarterly holding period returns for the investor's portfolio are as follows. Q1 Q2 Q3 Q4 2.0% 10% 4.0% -5.0% The effective annual money-weighted return for the year is closest to: a) 3.1% Ob) 11.0%. Oc) 13.0%. Page 9 of 30